Dubai Multi Commodities Centre (DMCC) announced that three major petrochemical companies from South East Asia have begun operations from Dubai as DMCC-registered members. PTT Polymer Marketing DMCC, Titan DMCC and SCG Plastics Company Ltd. DMCC will use the DMCC free zone in Dubai as their Middle East base, to further develop and establish new regional business opportunities, reinforcing the emirate's growing importance as a hub for Energy and petrochemical companies. Among the major benefits offered by the DMCC for resident companies include the 50-year tax holiday, 100% business ownership and fill ownership of business premises under a free zone status.
In addition, the Middle East region is strategically connects the African, European, and Asia-Pacific markets while offering the biggest advantage of cheap raw materials for petrochemical and plastics companies. Also, the future projections for growth of raw material exports from the region are proving as an essential factor for foreign investors setting shops in Dubai. James Bernard, Associate Director - Commodities, DMCC, said: "According to recent market studies, Middle East plastic feedstock exports are expected to increase from 4.3 million tonnes in 2008 to 11.7 million tonnes in 2013, an increase of nearly 172 per cent."
PTT Polymer Marketing DMCC is fully owned by PTT Polymers whose parent company is the PTT Group, Thailand's national oil company and a leading petroleum trading company in Southeast Asia. TITAN International Corp DMCC is fully owned by Titan Chemicals Corp. Bhd., Malaysia's first and largest integrated producer of olefins and polyolefins, and one of the largest producers of polyolefins in South-East Asia. SCG Plastics DMCC is the marketing arm for polyethylene and polypropylene products for SCG CHEMICALS (Thailand), which manufactures and supplies a full range of upstream and downstream petrochemical products.